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Belgravia Group erected a tower crane on the site of Renelle on the River on Tuesday, marking a milestone in Chicago's construction cycle. It is the 60th tower crane to rise in Chicago this year — the construction pipeline is packed with developments across multiple asset classes. The 60 tower cranes are nearly double the number in the air a year ago.
The 18-story, 50-unit luxury condo development received a full construction permit last month.
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Belgravia Group CEO Alan Lev said half of Renelle's units are sold, thanks in large part to a "virtual reality" model home where buyers can do walk-throughs of the development's units, see the riverfront views that are a selling point of the project and pick out their finishes.
Lev said Renelle's first units will be completed in Q1 2019. Units are selling between $1.6M and $3.2M.
Mayor Rahm Emanuel and Chicago Buildings Commissioner Judy Frydland were on hand for the news conference Tuesday.
